The News Review:
- MBIA Corp Hartford drag down US insurance stocks
- US Lawmakers Clash With Fed ver Strategy n AIG Rescue
- Got Insurance? Be Sure To Monitor Your Policies — And Insurers
- Wells Fargo Insurance buys BridgeStreet Consulting
MBIA Corp Hartford drag down US insurance stocks
Reuters
Friedman Billings Ramsey late on Wednesday slashed its price target for MBIA to $4 a share from $9 with a “market perform” rating citing execution risks in the company’s bid to return to its roots of insuring municipal bonds. The company has been badly burned over the past year by losses after its foray into guaranteeing repackaged debt turned sour. Hartford the second-biggest percentage loser on the S&P Insurance Index. GSPINSC has been one of the worst hit life insurers in recent months battered by investment losses and losses on its variable annuities business a popular retirement product linked to equity markets. The company is also a large provider of property insurance. Hartford shares down more than 90 percent since September fell more than 18 percent to $4. 21 in morning trading on the New York Stock Exchange.
Related from Yolog: Japanese Stocks Drop on Capital Concern; Gold Producers Surge
US Lawmakers Clash With Fed ver Strategy n AIG Rescue
CNNMoney.com
He said AIG’s Financial Products division the source of much of the company’sproblems still has a “very large notional amount” of derivatives contracts thattouch a variety of counterparties throughout the financial system. For thatreason Kohn said “we believe we had no choice if we are to pursue ourresponsibility for protecting financial stability. Kohn was joined at the hearing by Scott Polakoff acting director of theffice of Thrift Supervision and New York Insurance Superintendent EricDinallo. All three cited obvious problems at AIG’s financial products divisionas responsible for the company’s collapse last September. They painted a pictureof a division facing too little oversight as it used AIG’s financial strengthratings to build an increasingly complex and financially dangerous credit-default swaps business. “Financial Products did not adequately protect itself against the effects of adeclining economy or the loss of the highest ratings from the credit ratingagencies” Kohn said. The ffice of Thrift Supervision was able to partially regulate AIG after thecompany applied to start a federal savings bank in 1999.
Got Insurance? Be Sure To Monitor Your Policies — And Insurers
FXBusiness
That’s especially true now given the dramatic changes in the insurance industry the stock market and perhaps in your own life over the past few months. Here’s a look at three insurance to-dos for this year. Life insuranceTime was when not owning life insurance was the risky move. Now however owning insurance seems like it’s the greater risk.
Wells Fargo Insurance buys BridgeStreet Consulting
Bizjournals.com
market opportunities Wells Fargo Insurance Services Inc. the fast-growing insurance arm of. has acquired Walnut Creek-based.
Taking the lump sum and investing it could also be disastrous if not invested properly. The stress and risk of investing these funds might be more than you want to bear. You can always purchase an immediate annuity yourself with all or a portion of your lump sum, which might reduce your stress and risk.